Qualcomm said Friday it has agreed to sell Omnitracs, the fleet-tracking business that provided the early income allowing the company to become the wireless industry giant it is today.

The sale to private equity firm Vista Equity Partners for $800 million marks Qualcomm’s exit from a business that generated much-needed cash flow in the 1980s and ’90s — when company engineers were working to perfect Code Division Multiple Access, or CDMA, which became the cornerstone of its wireless chip business.

The sale has been rumored for months. Chief Executive Paul Jacobs said in March that Qualcomm was exploring strategic alternatives for the fleet tracking arm, which is business speak for a potential sale.

Still, shedding Omnitracs was considered a difficult decision for Qualcomm executives because of its importance to the company’s early success.

“It was the core of their business in the very early days,” said Clem Driscoll, president of consulting and market research firm C.J. Driscoll & Associates. “It was a real cash cow for them over the years, especially in the ’90s.”

Today, wireless chip and technology licensing revenue dwarfs Omnitracs sales, making the business an outsider to the company’s core market of providing wireless connectivity to smartphones, tablets and other devices.

Qualcomm expects revenue around $25 billion this year overall. Its Enterprise Services division, which includes Omnitracs, had sales of just $371 million in 2012, according to filings with federal securities regulators.

“It’s not growing at the rate of the rest of their businesses, and it’s not as profitable” Driscoll said. “So it makes a lot of sense for them to sell it.”

While Omnitracs is a small piece of the larger Qualcomm, it is the market leader in fleet tracking worldwide, especially for large, long-haul trucking operators, Driscoll said.

In the early years, Omnitracs used satellites to track trucks on the road. Today, most of the tracking is done using ground-based cellular technology. Omnitracs not only pinpoints location but also provides 16 other monitoring applications via an on-board computer aimed at improving fleet operations.

A Qualcomm spokeswoman said all employees in the Omnitracs business unit, as well as employees dedicated to supporting the Omnitracs business, will move to Vista Equity once the deal is complete. She said the company does not break out employment for specific divisions.

“Vista’s long-term investment focus and experience helping software, data and technology-enabled businesses drive growth ... is a great fit for the Omnitracs business and management team,” Derek Aberle, a Qualcomm executive vice president, said in a statement.

The acquisition includes all of Omnitracs operations in the United States, Canada and Latin America. The company’s Sylectus and FleetRisk Advisors businesses, which were acquired by Omnitracs in 2011, also are part of the deal. Omnitracs Europe is excluded.

“We are long-term investors in enterprise software, data and technology-enabled businesses that are committed to being leaders in their fields,” Robert Smith, Vista’s chief executive and founder, said in a statement. “We are impressed with the compelling value proposition Omnitracs’ products and services offer their customers. We look forward to working with them and helping them to reach their full potential.”